FAQ

High-Class Sale and Rental Properties FAQ

If you do not see the answer to your question please contact us.

10 Steps to Successful Home Buying

++Figure out how much you can afford

The first and the most important step to buying a home is to talk to a mortgage broker or bank so you know how much you can afford to borrow, as well as the repayments. Typically 5 to 20 percent of the purchase price is required, depending on the loan terms. Your income, current monthly expenses, deposit and the current interest rates will determine how much you can borrow. Remember to take into account the other expenses such as moving, insurance, etc. It is always a good idea to talk to several lenders to compare costs and interest rates and to negotiate a better deal.

++Make a 'wish list' of what you're looking for in your new home

You will surely have a list of "must have\'s" and "nice to have\'s". For example: you "must have" one, two or three bedrooms, or be close to activities such as golf or located on/close to the beaches. A "nice to have" is a gated community, with a lovely land or sea view.

++Research areas and prices

Start here to carry out official inquiry about prices and housing styles in different areas. Our website is particularly useful to compare prices and villas, and also if you are moving between countries, for example.

++Decide where you wish to purchase

This will be based on what you can afford, so have your deposit ready! A forfeiture of legal documents is introduced to most agreements. Golf course, beach and family lifestyle are some of the options you might have in mind. It is important to be flexible with your area selection.

++Property Title

Once you find a home you like, check what type of title the property has: freehold, leasehold, etc.With leasehold properties, check the duration of the lease and the annual land rent. With condominiums, check whether the property has a corporate body or other associated fees.

++Specialist Inspections

If you are serious about a property, but unsure of structural issues, you should arrange for a building inspection by a qualified inspector or tradesperson. We can assist in having this done

++Buying at an auction?

Buying property at auction is an incredibly exciting and profitable way to purchase property. First, register your interest with the real estate agent in advance, and get pre-approved finance. If you are the successful bidder, the contract will be guaranteed. Secondly, make sure you have the funds available to pay a deposit on the auction day. Remember to carry out the necessary checks before the auction.

++Making an offer

You\'ve found your dream home and you\'re ready to make your offer. When making an offer on a property, make sure a copy of the contract is sent to your solicitors and follow their advice. If the seller responds to your offer, you may need to negotiate until you both agree on the terms of the sale.

++Deposit

When you have reached an agreement with the seller of the property, a deposit will be payable. This is usually around 10% of the purchase price. Until the offer has been signed, you should not give the earnest money deposit to the seller. Otherwise, if something goes wrong with the deal, you could find yourself in a situation where your earnest money deposit is held by the escrow and you cannot reach an agreement with the seller. Deposits are held in the real estate agent or lawyer\'s trust account for a minimum of ten working days.

++Final walk- throughs

Final walk-throughs are not a home inspection. It is not a time to begin negotiations with the seller to do repairs, nor is it a contingency. A final walk-through is an inspection to make certain that the property is in the condition you agreed to buy. It is never a good idea to forget the final walk through. This can be arranged through us.

Island Villas

Address
P.O. Box 3129, Trents Building
Holetown, St. James BB 24017
Barbados W.I.
Call Us
Local: +1 (246) 422-3333
US: (866) 978-8499
UK: (0)80 0097 0886

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Luxury Island Rentals & Property

Contact Info

Island Villas
Address
P.O. Box 3129, Trents Building
Holetown, St. James BB 24017
Barbados W.I.
Call Us
Local: +1 (246) 422-3333
US: (866) 978-8499
UK: (0)80 0097 0886
Email Us!